The UK property market is set to deliver strong long-term profit for international investors following Brexit. Global property investors – and particularly those from the Gulf region – are now looking further north at property investments in Manchester and Salford, where some of the best returns can be made.
The UK’s new EU deal and the continued roll-out of the Covid-19 vaccine across the country will boost the UK’s economic recovery and bolster the housing market. Northern markets are likely to recover the most quickly, with property investments in Manchester, Salford, Liverpool and Leeds expected to perform particularly well.
The pound’s weakness in recent times has also added to the attractiveness of the UK property market for international buyers. Overseas investors are able to get more for their money in the UK than they could in other property markets.
International explains, “International buyers purchasing a property in the UK will face an additional two percent stamp duty surcharge from April and so we expect to see a rise in the share of homes bought by foreign based buyers in Q1 2020.”
Pent-up international demand
The coronavirus pandemic is beginning to ease and travel restrictions are starting to get lifted. As this happens, a wave of pent-up demand from overseas investors is expected to hit the UK’s property market.
Northern cities will be impacted by this increased demand for property investment opportunities. This part of the UK saw some of the highest house price growth in 2020 with rental yields performing just as well. International buyers will certainly be looking to the best-performing UK property markets to get the highest returns on their investments.
According to property professionals, property investments in Manchester will be a main focus for international buyers over the next 12 months. Its thriving economy and population is set to grow by 20% by 2025. And, low average house prices have generated increased interest from Middle Eastern and Asian purchasers in recent months.
Manchester and Salford’s young population means rental demand is consistently high, with this demand far outweighing supply. At the same time, the region’s global importance is growing, so international investment into the area will also increase.
To find out more about making a property investment in Manchester, Salford or anywhere else in the northern property market, contact North Property Group today.